Green diamonds are incredibly rare and valuable colored diamonds. They make up less than 0.1% of all naturally occurring diamonds. So what makes green diamonds so special and rare? Let’s take a closer look at what gives these diamonds their distinctive green color and just how scarce they really are.
What causes the green color in diamonds?
In order for a diamond to have a noticeable green hue, it must contain trace amounts of radiation exposure over prolonged periods of time. This radiation exposure causes structural irregularities in the diamond’s crystal lattice at the atomic level. These irregularities then modify the diamond’s ability to absorb specific wavelengths of light, resulting in the green color we see.
So where does this radiation come from? The source is actually within the earth itself. As a diamond forms deep below the earth’s surface over billions of years, exposure to natural radiation emanating from the surrounding rocks colors the diamond. Green diamonds get their color specifically from exposure to alpha particles, beta particles, and gamma rays.
How much radiation exposure is needed?
Only a tiny amount of exposure over very long periods of time is required to give a diamond a green tint. To put it into perspective, the radiation dose needed is estimated to be equivalent to about one week per billion years. So for a diamond that took 3 billion years to form, only about 3 weeks worth of radiation exposure was needed to produce the green color.
The rarity of green diamonds stems from the precise alignment of conditions needed:
- Sufficiently long formation time for exposure to take place (billions of years)
- Presence of trace amounts of radioactive elements in surrounding rock
- Stable formation conditions preventing disruption of the growing crystal lattice
Varying any one of these parameters means the needed radiation exposure likely doesn’t occur, and the diamond remains colorless or takes on a different tint like yellow or blue instead.
Natural green diamond origins
Natural green diamonds are principally found in just two places on Earth – South Africa and Brazil. The geological conditions in these regions have proven ideal for the rare convergence of circumstances that create green diamonds.
South Africa
The vast majority of all natural green diamonds originate from South African mines. Green diamond production is dominated by the famous Premier Mine, which yields stones displaying a spectrum of green hues.
The Premier Mine sits directly above an ancient volcano pipe where diamonds formed starting over 3 billion years ago. This long formation time, coupled with trace uranium present in the host kimberlite rock, provided the irradiation source needed to create green diamonds.
Brazil
Green diamonds are also found in smaller quantities in Brazilian mines. The Brazilian stones tend to display light green shades, ranging from near-colorless to medium mint green.
Again, ancient geological processes provided favorable conditions for green diamond creation billions of years ago. Slow crystallization above radioactive rock allowed the absorption of elemental radiation that imparted the coveted green hue.
Artificially irradiated green diamonds
Natural green diamonds are exceptionally rare, but it is possible to artificially treat other diamonds to give them a greenish cast. One method involves exposing pale yellow or brownish diamonds to controlled doses of radiation to enhance their color.
Nuclear reactors, linear accelerators and gamma ray sources can be used to irradiate diamonds and create greenish hues. The color produced is not quite the same natural looking green, but still appealing.
The downside is that irradiation leaves detectable clues that reveal a diamond’s artificially treated status. Careful analysis by a qualified gemologist can identify characteristic irradiation patterns, proving a green diamond is not fully natural.
How many green diamonds exist?
Only an estimated 0.1% of gem-quality diamonds possess any noticeable green coloration. And within that tiny fraction, stones displaying rich, vivid greens are even rarer. Worldwide production of natural green diamonds is measured in the hundreds per year, rather than thousands.
At any given time, it’s estimated that a few thousand natural green diamonds exist worldwide. That may sound like a lot, but when comparing to total diamond production, it’s a virtually non-existent figure. To put it into perspective:
- About 120 million carats of diamonds are mined annually globally
- But only 50-100 green diamonds are found in the same timeframe
- So annually, just 1 green diamond is yielded per 1-2 million carats of total diamond production
This scarcity makes natural green diamonds one of the rarest diamond colors. Significantly fewer green diamonds exist compared to other natural fancy colors like pink, blue and yellow diamonds.
Who owns the most famous green diamonds?
Some of the most famous green diamonds are notable not only for their rare color, but also their exceptional clarity and size. Here are a few of the historic named green diamonds found over the years:
Dresden Green Diamond
At 41 carats, the Dresden Green is the largest naturally occurring green diamond ever discovered. Formed in the 1700’s, it has an exceptional clarity grading and vivid green color. It’s displayed among the crown jewels of Dresden, Germany.
Ocean Dream Diamond
Unearthed in Central Africa within the last decade, this 5.51 carat, fancy vivid green diamond was sold in 2017 for $3.6 million. It’s considered one of the finest green diamonds ever graded by the GIA, the premier diamond grading authority.
Aurora Green Diamond
Weighing 5.03 carats, this cushion-cut fancy vivid green diamond ignited a bidding war at auction in 2016, selling for over $16 million. At the time, it set a new price-per-carat record for a green diamond.
| Name | Carat Weight | Color Grade | Owner |
|---|---|---|---|
| Dresden Green | 41 carats | Fancy Deep Green | Dresden Green Vault |
| Ocean Dream | 5.51 carats | Fancy Vivid Green | Private Collector |
| Aurora Green | 5.03 carats | Fancy Vivid Green | Private Collector |
What gives green diamonds their value?
Green diamonds draw their value from a perfect storm of exceptional rarity, desirable vivid color, and perceived mystique or intrigue.
As we’ve discussed, less than 0.1% of diamonds possess any green coloration to begin with. And only a tiny fraction of those exhibit the most saturated and vivid shades – the most coveted and valuable.
The unusual green color itself attracts high demand. Green diamonds have an eye-catching appeal combining the brilliance of colorless diamonds with an atypical green splash of color.
Finally, the natural formation process imparting their color lends an air of mystery and allure. Their ancient geological origins capturing elemental radiation tickles the imagination.
Green diamond pricing
So how does this value translate into real world green diamond pricing? On average, natural vivid green diamonds will cost:
- Over $50,000 per carat for smaller 0.50 carat stones
- $100,000 to $200,000+ per carat for single carat stones
- Up to $400,000+ per carat for larger stones above 2 carats
Clarity and cut quality will also affect pricing. But the primary drivers are the saturation of the color, and the carat weight.
How are green diamonds graded?
The Gemological Institute of America (GIA) grades natural green diamonds using the same 4Cs grading system as colorless diamonds: Cut, Clarity, Color and Carat weight. Two facets have an increased emphasis:
Color
GIA color grading for green diamonds evaluates not just the hue, but also the color saturation. Saturated vivid greens are the most rare and valuable. Paler pastel greens exhibit lower saturation.
The GIA green diamond color scale runs from Faint Green to Fancy Vivid Green in order of increasing saturation. Fancy Vivid is highest grade assigned. Stones exhibiting Fancy Deep/Fancy Vivid levels of saturation trade at premium prices.
Clarity
Green diamonds tend to display higher clarity grades, with VS/SI1 or better common. This is because significant inclusions can detract from the appealing uniformity of the green color.
Internally flawless or VVS claritygraded green diamonds are exceptionally rare. When found, they often achieve record-setting prices at auction or private sale.
Are green diamonds a good investment?
For the right investor, green diamonds can be an excellent alternative asset investment:
- Scarcity – With so few in existence, prices are boosted by tiny supply
- Portability – Diamonds have high value density, making storage and transportation easy
- Established demand – Natural green diamonds have market demand from jewelry buyers and collectors
- Durability – Extreme hardness makes diamonds one of the most durable assets, able to hold value for generations
However, the green diamond investment market is complex. Professional expertise is required to properly evaluate stone quality and provenance. And transaction, insurance and custodial costs on the high end can be significant.
Green diamonds are best suited for knowledgeable investors able to acquire stones of sufficient size and quality to justify the entry cost. They should be viewed as a long-term investment with risk, not a liquid asset. Done properly, they offer good diversification and outstanding price appreciation potential.
How can I buy a green diamond?
For most buyers, the best option is to work with a high-end diamond broker to source stones. They have established networks of trusted suppliers and extensive experience evaluating top quality green diamonds.
Leading diamond exchanges like the IDEX can facilitate introduction to vetted brokers. Auction houses like Christie’s and Sotheby’s also frequently offer green diamonds in exclusive events.
Once acquired, appraisals and custodial security are paramount. Reputable institutes like the GIA Gemological Laboratory or AGL provide authoritative grading reports. And insured non-bank vaults specializing in diamond storage offer the highest level of protection.
Conclusion
Green diamonds are among the rarest of colored diamonds, with unique origins and optics that mesmerize gem aficionados. For investors and collectors seeking a true diamond unicorn, few can match the exclusivity and cachet of natural fancy vivid greens.
Patient, strategic investors able to acquire these scarce stones are handsomely rewarded with substantial price appreciation and a diamond that transcends financial value to become a true heirloom.